Atal Pension Yojana (APY)
Atal Pension Yojana (APY) is a government-backed pension scheme launched in 2015, primarily aimed at providing social security to workers in the unorganized sector. The scheme is available through all bank branches and post offices in India. It guarantees a minimum monthly pension of ₹1,000 to ₹5,000 from the age of 60 years, depending on the contribution made.
Pension Options
Subscribers can choose from five pension slabs based on their contribution capacity:
| Monthly Pension (₹) | Monthly Contribution for Entry Age 18 | Monthly Contribution for Entry Age 40 |
|---|---|---|
| 1,000 | ₹ 42 | ₹ 291 |
| 2,000 | ₹ 84 | ₹ 582 |
| 3,000 | ₹ 126 | ₹ 873 |
| 4,000 | ₹ 168 | ₹ 1,164 |
| 5,000 | ₹ 210 | ₹ 1,455 |
Eligibility
- Age: 18 to 40 years at the time of enrollment
- Must have a savings account with a bank or post office
- Aadhaar number is mandatory for enrollment
- Spouse can be nominated as the beneficiary
Key Features
- Guaranteed minimum pension after 60 years of age
- Government co-contribution of 50% of the subscriber's contribution or ₹1,000 per annum, whichever is lower (for subscribers who enrolled before 31.03.2022)
- Pension is payable to the spouse after the subscriber's death
- On death of both subscriber and spouse, the corpus is returned to the nominee
- Income tax benefit on contributions
How to Enroll
Visit your nearest post office with your savings account passbook and Aadhaar card. Fill out the APY enrollment form and submit it to the postmaster. The monthly contribution will be auto-debited from your savings account. You can also choose quarterly or half-yearly contribution frequencies.